§283z–1 Increase in Authorized Capital Stock of Bank and Increase in Resources of Fund for Special Operations

Summary

Authorizes the U.S. representative to the Bank to vote for two resolutions from a special meeting in December 1978 that raise the Bank’s capital and boost the Fund for Special Operations. If those resolutions pass, the U.S. may subscribe to 227,896 new shares (210,804 callable and 17,092 paid-in) and may contribute $630,000,000 to the Fund. Those commitments only take effect if Congress approves the money in advance. Allows the Treasury to pay up to $2,474,287,189 for the U.S. share of the Bank’s capital and $630,000,000 for the Fund, without a fiscal year limit. For the Fund, no more than $175,000,000 may be available in fiscal year 1982 and no more than $105,000,000 in fiscal year 1983. The Treasury must pay the Fund by letter of credit in four yearly payments and must get Bank certification that undrawn balances won’t exceed the U.S. share of expected needs for the next three months. None of the money may help countries that are not Bank members.